Edenville Energy Plc provided an update on its Rukwa Coal Project in Tanzania. Rukwa Operations & Business Development As previously announced the Company has agreed terms to supply 2,000 tonnes of washed coal per month, at a now agreed pre-transport price of US$98 per tonne at the mine gate. The Company has committed to supply 2,000 tonnes per month from June 2023.

Prior to this date contract supply volumes under this agreement are subject to variation based on production figures at Rukwa given the ongoing rainy season. It is expected the net price achieved by the Company will be approximately US$55 per tonne. Discussions regarding the previously announced sale of 1,500 tonnes per month of fines remain ongoing.

The Company has been focused on stockpiling run of mine coal to mitigate, as far as practicable, impact from the rainy season, which is underway. The subsequent production of washed coal is expected to be reduced for as long as the rains continue, however this is not anticipated to reduce previously expected overall annual output. The Company is also investigating the costings and lead time for an additional wash plant at Rukwa, in particular in relation to ongoing contractual discussions that are being held with potential customers that could lead to additional demand of between 8-10,000 tonnes per month of washed coal.

As previously notified, it is likely that to meet demand of over 10,000 tonnes per month of washed coal an additional wash plant will be required at Rukwa and the Company are exploring non-equity avenues of finance to fund a new wash plant.